2011, Vol.14, No.1, pp.80-88
In the article, an improved macro-level model is presented. The
improvement concerns statistic averaging -- more reasonable
distribution (Weibull) of individual "social" ages at
intertemporal decision-making is used to get the macro-model.
Simple (linear) regression based on the macro-model's
specification is used to fit large samples (more than 40 age
points) of empirical age-earnings data (UK, 2002; Canada, 1973,
1984, 1994). The found estimates of the pre-supposed "social"
ages of persons to switch back and forth their educational efforts
during life span are quite reasonable as well as the gender
differences "detected" by the macro-model in such behavior.
Findings presented in formulae, tables and graphs demonstrate the
developed model's high accuracy in the regressions - better than
in the Minceranian log-linear regressions.
Key words:
human capital, economic utility, evolutionary equation,
intertemporal decision-making, collective behavior, statistic averaging,
Weibull distribution, age-earnings profile, regression analysis, goodness of
fit, Durbin-Watson statistics
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